Are you struggling to attract tenants to your Savannah rental? You're not alone: Georgia has the 15th-highest rental vacancy rate in the U.S.
One of the best things you can do to buck this trend is to hire a commercial property manager. If you choose to do so, they'll take over the day-to-day operations of your rental and make it run more efficiently.
Not sure if this is the best choice for your situation? Read on to learn what commercial property managers do and what skills they need!
What Do Commercial Property Managers Do?
The best way to think of a property manager is as a liaison between you and your tenants. Here are some of their common responsibilities.
Financial Reporting and Rent Collection
A property manager can offer various types of financial help. For example, they'll send you financial reports reflecting expenses and expenditures. This will let you know if your rental's yearly costs align with your budget.
Another key financial duty for property managers is rent collection. They'll send rent reminder notices and take measures if tenants don't comply. Upon receiving a payment, they'll record it and issue the receipt.
Tenant Relations
A good property manager will maintain a healthy relationship with his or her tenants. They'll work with tenants to address their needs and organize repairs if necessary. They'll ensure the tenant follows the lease agreement terms.
Maintenance Planning
Maintenance and repairs are essential for maximizing property investment value. As such, your property manager will create a detailed maintenance plan. They'll schedule upgrades, repairs, and refurbishments as needed.
To carry out this plan efficiently, your property manager will oversee all parts of your rental. These duties can involve everything from inspecting the property to replacing air filters.
Key Skills for a Commercial Property Manager
Before bringing a property manager on board, it pays to ensure they have the right set of skills. Here are three key examples.
Communication Skills
Property management involves a lot of interaction with tenants and landlords. That's why your manager should have solid communication and customer service skills. They also need to be an active listener.
Accounting Skills
Being a property manager requires financial competence. They need to know how to organize ledgers, prepare taxes, and conduct profit analysis. Keep in mind that rental property accounting comes with many rules.
Technical Skills
A variety of a property manager's duties rely on technical knowledge. For example, they should know their way around real estate law and property regulations. That's the only way they can make informed decisions for you.
Hire a Commercial Property Manager Today!
Finding good commercial property managers is no walk in the park. With so many tasks that fall upon them, they need to possess some key skills. The above guide will help you figure out what those tasks and skills are.
Looking for a commercial property manager in Savannah, GA? Here at PMI Savannah Metro, we offer all the property management services you'll need! Contact us here to find out what we can do for your rental property!
